Posted: Wed Sep 16, 2009 10:21 pm Post subject: Judgement or Lien by Unsecured Creditor
What time frame does a creditor or collection agency have to file a judgement or lien on real property? Is it different by State or County? If one is filed, how long is the lien or judgement good for?
The lender can file a judgment or lien on the property immediately after it forecloses the property. I don't think it's much different by state. However, the statute of limitation (SOL) period may vary from state to state. It is the maximum period of time, after certain events, that legal proceedings can be initiated based on those events. _________________ Procrastination is the enemy of your financial sucess
To file a judgment, they have to sue you first within the statute of limitations period. If they have a judgment, they are usually good for 10 years, but can be renewed. They can record an Abstract of Judgment, which acts as a lien on real property, at any time after they receive the judgment. _________________ Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation.
flowerz1955
